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Wednesday, 8 March 2023

Abu Dhabi Ports is looking at the Suez Canal Economic Zone


Abu Dhabi Ports + UK green fuel, desalination companies are looking at the Suez Canal Economic Zone: Representatives of Abu Dhabi Ports discussed operating berths in ports and setting up logistics zones in the Suez Canal Economic Zone during talks with zone head Walid Gamal El Din, SCZone said in a statement yesterday. This came two days after ADP’s CEO met President Abdel Fattah El Sisi to discuss expanding its involvement in Egypt’s ports and logistic zones.

Remember: The ADQ-owned company has been pushing aggressively into Egypt’s maritime sector. It said in 2021 that it could invest USD 500 mn to develop a terminal at Ain Sokhna port and one at Safaga port, and is expected to bid in the upcoming tender for the Tenth of Ramadan dry port.

UK firms talk green fuel + desalination investment at the SCZone: Several British companies working in green fuel and water desalination met with SCZone representatives to talk about investment opportunities, according to a SCZone statement.


Train derails in Qalyub, killing at least two: Two people died and 16 were injured after a train derailed in Qalyub, the Health Ministry said in a statement yesterday. Authorities are looking into the cause of the accident and those injured are currently receiving treatment. The Solidarity Ministry said it will disburse EGP 100k in compensation to the families of the deceased.


State to tap Italian partner to boost yacht tourism? The Madbouly government met with representatives from the Italian Navigo Group to discuss the future of yacht tourism in Egypt, according to a statement. The two sides agreed to draft an MoU outlining proposals for future cooperation to boost yacht tourism in Egypt.


#1- Flat6Labs launched its StartMashreq initiative to support entrepreneurs across Lebanon, Jordan, and Iraq, it said in a statement (pdf) yesterday. The program aims to support budding entrepreneurs from underprivileged and marginalized groups, including women and displaced people, through customized training programs and virtual incubation programs. The Dutch government and the International Finance Corporation are co-partnering with Flat6Labs on the initiative.

#2- Rabbit goes bulk: Grocery delivery startup Rabbit has launched a bulk delivery service, Gomla, it said in a statement (pdf) yesterday. The new service allows customers to buy in bulk through the Rabbit app and receive their products the following day.

#3- Career 180 joins the IFC’s She Wins Arabia: Edtech startup Career 180 was awarded the Golden Ticket to join the International Finance Corporation’s She Wins Arabia, during the latest episode of Shark Tank Egypt (watch, runtime: 1:08). The initiative aims to help women-led MENA startups get access to advice, mentorship, and finances they need to grow.

Career 180? It's an online platform that allows users to connect with career experts in virtual one-to-one sessions, and provides them with resources like career counseling videos to help equip them with skills for the job market. The company secured USD 200k from EdVentures in 2021.


CIRA Education has published its first annual sustainability report, laying out the company’s use of natural resources and what it is doing to boost sustainability at its facilities and operations. The education investment firm plans to reduce energy use and emissions by 10% and implement an enhanced waste and recycling plan by 2026, as well as implement one renewable energy project each year for the next three years. Check out the report here (pdf).

REMEMBER- Corporates must now publicly disclose their performance on key environmental, social and governance metrics each year when they submit their annual financial statements.

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